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达美乐（DPZ）与Veralto（VLTO）财务数据对比。点击上方公司名可切换其他公司
Veralto的季度营收约是达美乐的1.2倍（$1.4B vs $1.2B），Veralto净利率更高（17.0% vs 12.2%，领先4.9%），Veralto同比增速更快（4.4% vs 3.5%），Veralto自由现金流更多（$258.0M vs $147.0M），过去两年Veralto的营收复合增速更高（5.8% vs 2.4%）
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
Veralto是总部位于美国马萨诸塞州沃尔瑟姆的科技企业，核心业务覆盖水分析、水处理、标识喷码、包装及色彩管理相关产品的研发与生产，面向全球多领域客户提供适配的技术产品及配套服务。
DPZ vs VLTO — 直观对比
营收规模更大
VLTO
是对方的1.2倍
$1.2B
营收增速更快
VLTO
高出0.9%
3.5%
净利率更高
VLTO
高出4.9%
12.2%
自由现金流更多
VLTO
多$111.0M
$147.0M
两年增速更快
VLTO
近两年复合增速
2.4%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $139.8M | $239.0M |
| 毛利率 | 40.4% | 60.1% |
| 营业利润率 | 20.0% | 23.2% |
| 净利率 | 12.2% | 17.0% |
| 营收同比 | 3.5% | 4.4% |
| 净利润同比 | -6.6% | 5.3% |
| 每股收益（稀释后） | $4.13 | $0.95 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DPZVLTO
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.4B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B |
净利润DPZVLTO
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $239.0M | ||
| Q3 25 | $139.3M | $222.0M | ||
| Q2 25 | $131.1M | $225.0M | ||
| Q1 25 | $149.7M | — | ||
| Q4 24 | $169.4M | $227.0M | ||
| Q3 24 | $146.9M | $219.0M | ||
| Q2 24 | $142.0M | $203.0M |
毛利率DPZVLTO
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | 60.1% | ||
| Q3 25 | 40.1% | 60.0% | ||
| Q2 25 | 40.3% | 60.4% | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 39.2% | 59.6% | ||
| Q3 24 | 39.2% | 59.6% | ||
| Q2 24 | 39.8% | 60.1% |
营业利润率DPZVLTO
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 23.2% | ||
| Q3 25 | 19.5% | 22.8% | ||
| Q2 25 | 19.7% | 24.2% | ||
| Q1 25 | 18.9% | — | ||
| Q4 24 | 19.0% | 22.9% | ||
| Q3 24 | 18.4% | 23.4% | ||
| Q2 24 | 17.9% | 23.2% |
净利率DPZVLTO
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 17.0% | ||
| Q3 25 | 12.1% | 16.2% | ||
| Q2 25 | 11.4% | 16.9% | ||
| Q1 25 | 13.5% | — | ||
| Q4 24 | 11.7% | 16.9% | ||
| Q3 24 | 13.6% | 16.7% | ||
| Q2 24 | 12.9% | 15.8% |
每股收益（稀释后）DPZVLTO
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.95 | ||
| Q3 25 | $4.08 | $0.89 | ||
| Q2 25 | $3.81 | $0.90 | ||
| Q1 25 | $4.33 | — | ||
| Q4 24 | $4.89 | $0.91 | ||
| Q3 24 | $4.19 | $0.88 | ||
| Q2 24 | $4.03 | $0.81 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $232.9M | $1.8B |
| 总债务越低越好 | $4.9B | $2.7B |
| 股东权益账面价值 | — | $2.8B |
| 总资产 | $1.8B | $7.4B |
| 负债/权益比越低杠杆越低 | — | 0.94× |
8季度趋势，按日历期对齐
现金及短期投资DPZVLTO
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | $139.7M | $1.6B | ||
| Q2 25 | $272.9M | $1.2B | ||
| Q1 25 | $304.3M | — | ||
| Q4 24 | $186.1M | $1.1B | ||
| Q3 24 | $189.1M | $1.3B | ||
| Q2 24 | $283.7M | $1.0B |
总债务DPZVLTO
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | $4.8B | $2.7B | ||
| Q2 25 | $3.8B | $2.6B | ||
| Q1 25 | $3.8B | — | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $5.0B | $2.6B | ||
| Q2 24 | $5.0B | $2.6B |
股东权益DPZVLTO
| Q1 26 | — | — | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | $-4.0B | $2.7B | ||
| Q2 25 | $-4.0B | $2.3B | ||
| Q1 25 | $-3.9B | — | ||
| Q4 24 | $-4.0B | $2.0B | ||
| Q3 24 | $-4.0B | $2.0B | ||
| Q2 24 | $-3.9B | $1.7B |
总资产DPZVLTO
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $7.4B | ||
| Q3 25 | $1.7B | $7.2B | ||
| Q2 25 | $1.8B | $6.6B | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.7B | $6.4B | ||
| Q3 24 | $1.8B | $6.3B | ||
| Q2 24 | $1.9B | $5.9B |
负债/权益比DPZVLTO
| Q1 26 | — | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.28× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | 1.57× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $162.0M | $270.0M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | $258.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 18.4% |
| 资本支出强度资本支出/营收 | 1.3% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.16× | 1.13× |
| 过去12个月自由现金流最近4个季度 | $625.3M | $986.0M |
8季度趋势，按日历期对齐
经营现金流DPZVLTO
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $270.0M | ||
| Q3 25 | $185.4M | $339.0M | ||
| Q2 25 | $187.8M | $157.0M | ||
| Q1 25 | $179.1M | — | ||
| Q4 24 | $178.0M | $285.0M | ||
| Q3 24 | $172.7M | $224.0M | ||
| Q2 24 | $150.7M | $251.0M |
自由现金流DPZVLTO
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | $258.0M | ||
| Q3 25 | $164.0M | $323.0M | ||
| Q2 25 | $167.3M | $142.0M | ||
| Q1 25 | $164.3M | — | ||
| Q4 24 | $135.9M | $263.0M | ||
| Q3 24 | $145.6M | $215.0M | ||
| Q2 24 | $127.2M | $240.0M |
自由现金流率DPZVLTO
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | 18.4% | ||
| Q3 25 | 14.3% | 23.6% | ||
| Q2 25 | 14.6% | 10.7% | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 9.4% | 19.6% | ||
| Q3 24 | 13.5% | 16.4% | ||
| Q2 24 | 11.6% | 18.6% |
资本支出强度DPZVLTO
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | 0.9% | ||
| Q3 25 | 1.9% | 1.2% | ||
| Q2 25 | 1.8% | 1.1% | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.9% | 1.6% | ||
| Q3 24 | 2.5% | 0.7% | ||
| Q2 24 | 2.1% | 0.9% |
现金转化率DPZVLTO
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 1.13× | ||
| Q3 25 | 1.33× | 1.53× | ||
| Q2 25 | 1.43× | 0.70× | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.05× | 1.26× | ||
| Q3 24 | 1.18× | 1.02× | ||
| Q2 24 | 1.06× | 1.24× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
VLTO
| Product Quality And Innovation Segment | $548.0M | 39% |
| Revenuefrom Contractwith Customer Measurement Recurring | $521.0M | 37% |
| Revenuefrom Contractwith Customer Measurement Nonrecurring | $335.0M | 24% |
